Trinidad and Tobago: Direct and indirect tax measures proposed in 2024 budget

The Minister of Finance presented the 2024 budget that includes tax-related proposals

The Minister of Finance presented the 2024 budget that includes tax-related proposals

The Minister of Finance on 2 October 2023 presented the 2024 budget that includes the following tax-related proposals—generally effective for 1 January 2024:

  • Exemption from business levy on export sales for manufacturing companies with gross receipts falling within the 30% tax bracket
  • Disallowance of expenditures incurred in earning exempt income
  • Increase in the sustainability incentive to 25% (from 20%) for mature or small marine oilfields
  • Introduction of new threshold of $75* per barrel for supplemental petroleum tax for small shallow water producers
  • Introduction of cybersecurity investment tax allowance of up to $500,000 for companies that incur expenditure in respect of investments in cybersecurity software and network security monitoring equipment
  • Extension of tourism upgrade project incentive, which provides a reimbursable grant to eligible tourism accommodation facilities, by three years from 1 November 2023
  • Introduction of 150% tax allowance of up to $500,000 on corporate sponsorship to public and private schools registered with the Ministry of Education

Read an October 2023 report [PDF 3 MB] prepared by the KPMG member firm in Trinidad and Tobago

*All amounts are in TT$ 


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